Original Coverage & Source Attribution: pulse2.com
Avantus, a San Diego-based developer, owner, and operator of utility-scale solar and energy storage projects, has expanded its corporate credit facility to $1.28 billion in total commitments. The financing increases the company’s borrowing capacity as it advances a large development pipeline across California and the Desert Southwest.
The expanded facility builds on a $1.05 billion credit arrangement completed in August 2026, increasing total commitments by approximately $230 million.
Avantus will use the additional financial flexibility to support its strategy of developing, owning, and operating renewable energy infrastructure as an independent power producer.
The company’s development pipeline totals approximately 24 gigawatts of system capacity, including 13 gigawatts of solar generation integrated with 44 gigawatt-hours of energy storage.
These projects are intended to support growing electricity demand while increasing the availability of renewable power during periods when solar generation is limited.
The credit facility expansion brings five additional lead arrangers into Avantus’ lending consortium.
The new participants are Helaba, MUFG, NordLB, Santander, and Standard Chartered.
They join existing lenders including SMBC, which serves as administrative agent, collateral agent, and lead arranger.
Other financing participants include ING Capital, HSBC, KKR, Truist Securities, Bank Hapoalim, CIBC, KeyBanc Capital Markets, Mizuho, National Bank of Canada Capital Markets, and Natixis Corporate & Investment Banking.
The larger lender group provides Avantus with additional banking relationships and financing capacity as it moves development projects toward construction and operation.
Avantus’ business model focuses on owning and operating clean energy infrastructure rather than exclusively developing projects for eventual sale.
This strategy requires access to capital for project development, construction activities, and long-term ownership.
The company is backed by strategic investments from KKR and EIG, which support its expansion in utility-scale renewable energy infrastructure.
Its portfolio is concentrated in California and the Desert Southwest, regions with substantial solar resources and growing requirements for electricity generation and energy storage.
Avantus estimates that its planned solar and storage development pipeline could provide sufficient dispatchable power to serve more than 10 million Americans.
The company expects energy storage to play an important role in balancing renewable generation with electricity demand throughout the day and night.
The increased credit facility strengthens Avantus’ capital resources as it pursues development of its renewable energy portfolio and expands its independent power production operations.
Support: KKR Capital Markets and EIG Capital Markets served as placement agents for the credit facility transaction. Kirkland & Ellis acted as legal counsel to Avantus, while Milbank represented the lenders.
KEY QUOTE:
“We’re proud to renew and broaden our relationships with leading project finance banks, which reflects confidence in both our ability to execute and our trajectory as an independent power producer. We look forward to building on these relationships as we advance our solar and storage portfolio and scale our operating platform.”
Omar Karar, Executive Vice President Of Capital Markets And M&A At Avantus
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